Guide to Creating a Corporate Event Budget

Guide to Creating a Corporate Event Budget

An event budget can feel like a hurdle to planning a great party, but it doesn’t have to be! Especially in New York, things can get expensive. However, with careful consideration of your expenses, working around any budget is possible. Here is a guide to creating an effective event budget for your corporate event planner NY. With this guide, you will find it easier to estimate total costs, make the most of your budget, and plan accordingly.

The Basics:

These are your basic expenditures to be aware of as you begin planning your budget. Although many of them may seem obvious, a clear outline helps prevent going over budget
  • Venue Rental
  • Speakers, paid guests, entertainment
  • Costs of printing brochures, leaflets, or hard-copy presentations
  • Renting internet access, projectors, stages, and sound systems
  • Decorations
  • Promotional costs
  • Food and Drinks

Types of Expenses:

  • Fixed Expenses: Regardless of event attendance, these expenses are fixed rates that will not change. Examples include entertainment fees, marketing costs, and venue rentals.
  • Variable Expenses: In contrast, variable expenses depend on how many guests attend your event. This includes transportation to the venue, food, and beverages.
  • Indirect Expenses: These expenses are not costs that may be initially considered, but they are necessary for the event to run smoothly. For example, this includes staff hours required for planning and incidental supplies needed throughout the planning process.
  • Hidden expenses: they happen unexpectedly, so be sure to leave room in your budget plan for surprise expenses that pop up. 

Money Saving Tips

  • Refrain from Impulse Purchases: It can be very easy to get caught up in the idea you need extravagant decorations or gourmet food to make your corporate event successful. However, sticking to your initial budget is the best strategy for a corporate event planner NY because it makes it more likely for the entire process to run smoothly
  • Cut Catering Costs: Ordering more food than needed is the most common way people planning events lose money. While you want to make sure you don’t run out of food, you also want to eliminate excessive waste. Set an initial budget for food and reduce it by 10% to save money on the catering bill.
  • Keep Track of All Expenses: This may seem like common knowledge, but every dollar adds up. Also, there may be different people in charge of different aspects of party planning, so it’s important not to let any expenses fall through the cracks to ensure no one goes over budget.

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